Special Economic Zone
(SEZ) is commonly used as a generic term to refer to any modern economic zone.
The business and trade laws generally differ from the rest of the country in
these zones. SEZ’s are located within a country’s national border. The aims of
these zones include: increased trade, increased investment, job creation and
effective administration. Liberal policies are introduced to encourage business
setups in these zones. The creation of SEZ’s by a country may be to motivate
foreign direct investments.
After gaining success in
a line-up of special economic zones, Gujarat is now proposing to set up an
only-for-exports hub for diamonds at Surat. This venture will be a first of its
kind in India. The state government is also keen that Surat should have an
international airport. The Gujarat Finance Minister – Saurabh Patel has already
met the Union Civil Aviation Minister Ashok Gajapathi Raju in this regard.
There are also discussions to start direct flights to Dubai from Vadodara and
Surat, and from Ahmedabad to London and New Jersey.
An international airport in Surat will help to
boost business as well as tourism, in turn generating more employment
opportunities. It is expected once the special economic zone is set up, the
jewellery exporters would be able to bring in diamonds and have them processed
in a notified area. Polished diamonds go to Antwerp, Dubai and other places. India's
gems and jewellery sector accounts for about 15 per cent of the total exports.
Total gems and jewellery exports from SEZs in April-July stood at $ 1.08
billion as against $ 1.58 billion in the year-ago period, whereas the countries
total exports of cut and polished diamonds in the April-July period stood at $
7.5 billion, as against $ 8.42 billion in the same period last year. With the
birth of this new SEZ there is a lot to look ahead for in the coming future.
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